Supervisor Elham AbolFateh
Editor in Chief Mohamed Wadie

Saudi Arabia Extends $3 Billion Deposit in Pakistan's Central Bank

Fri 02 Dec 2022 | 05:14 PM
Taarek Refaat

The Saudi Fund for Development has extended the term of a deposit provided to the Central Bank of Pakistan worth $ 3 billion, in implementation of the directives of King Salman bin Abdulaziz Al Saud and Crown Prince Muhammad bin Salman.

The extension of the deposit comes as a continuation of the support provided by the Government of the Kingdom to Pakistan, as it aims to support the foreign currency reserves in the Central Bank of Pakistan, and to assist Pakistan in facing the economic repercussions of the Covid-19 pandemic, as well as face the external challenges in various sectors, and enabling Pakistan to achieve sustainable economic growth.

It is noteworthy that a $3 billion deposit agreement was signed through the Saudi Fund for Development with the Central Bank of Pakistan in November last year.